That fee include the purchase of the team's Molson Centre stadium, a 21,300-seat arena which hosts more than 100 events a year as well as at least 46 ice hockey games.

The team had fallen on hard times but the Canadiens' first-ever owner from the United States brought in new management that acquired better talent on the ice.

Dean Bonham, who runs a sports marketing and consulting firm in Colorado, worked with Gillett on a failed bid to acquire the NBA's Denver Nuggets.

And he believes Gillett will do all in his power to make Liverpool the dominant team in the Premiership.

"I can tell you that nothing keeps him down for long," Bonham said. "He's as passionate and enthusiastic about the business of sports as anyone I've met in my career."

Gillett first became the part owner of a sports franchise in the 60s through a slice of good fortune.

He was 27-year-old when he phoned NFL commissioner Pete Rozelle to ask about ownership opportunities. Mistakenly believing he was from the Gillette razor empire, Rozelle gave him a lead on the American Football League expansion franchise Miami Dolphins.

Gillett bought a 22-per-cent share but sold his interest before the team made history in 1972 with a perfect season which included victory in the Super Bowl.

Gillett also bought the bankrupt Harlem Globetrotters from the estate of team founder Abe Saperstein in 1967 before selling it nine years later.

The billionaire is known as a friendly sort who won't meddle with the rich traditions at Anfield.

He will also keep a low profile and will avoid the media.

Jean Gosselin, a sports marketing specialist at National Public Relations, believes Liverpool supporters will learn to trust Gillett.

"He respects the fans," he said. "George Gillett built on the traditions and has managed the Canadiens financially pretty well. But he never tries to transform what the Montreal Canadiens are."